Yen Continues to Lose Ground Against Euro (YCS, TR, 4502)

The Japanese currency has been losing ground against the euro in today's early trading. The yen is falling against the European currency on merger rumors and Portugal bailout. Rumors are spreading that a number of Japanese companies are planning overseas acquisitions, which will require them to sell large amounts of the Japanese currency. One of these companies is Japanese Takeda Pharmaceutical (4502), which, rumors say, is planning to purchase the Swiss Nycomed for about $14 billion. Traders have more faith in the euro after European finance ministers endorsed a bailout plan for Portugal. At the moment, the euro added 0.818% to its value and is currently standing at ¥115.38. Traders who believe the problems of Japanese currency will continue, will be interested in ProShares UltraShort Yen ETF YCS and MSFXSM Short Japanese Yen/Euro Index (TR).